The South African Reserve Bank cut its benchmark interest rate by the biggest margin in more than 10 years as it seeks to support an already fragile economy that’s expected be hit hard by the novel coronavirus.
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The South African Reserve Bank has warned the public that it is not withdrawing banknotes and coins due to the coronavirus outbreak.
Policy documents in national treasury’s 2020 budget review suggest government will soon significantly relax controls over the export of South African-owned intellectual property.
South Africa will use money from the sale of broadband spectrum and mining royalties to establish a R30-billion sovereign wealth fund, finance minister Tito Mboweni said.
A new report proves what everybody already knows: businesses cannot operate without electricity and without operating businesses the economy cannot grow.
African central banks are working to link the continent’s major cross-border payment systems as plans to create the world’s largest free-trade zone gain momentum.
Removing policy uncertainty in South Africa, allocating new broadband spectrum and changing visa regulations could immediately boost the country’s flagging economy, Reserve Bank deputy governor Kuben Naidoo said.
South Africa’s annual inflation rate was unchanged at 4.5% in June, staying where the central bank wants the rate anchored.
The South African Reserve Bank cut its benchmark interest rate for the first time in more than a year as it almost halved its economic growth forecast for the year.
South Africa’s economy remains stuck in its longest downward cycle since 1945, adding to the risk that it may fall into its second recession in a year.